MARCO POLO: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MARCO POLO
Largest movements
- Tangible fixed assets +€32,886
up €32,886 (+8.8%), from €373,612 to €406,498
of which Land and buildings: +€29,701
- Debts after one year +€48,376
up €48,376 (+14.4%), from €335,792 to €384,168
- Current portion of long-term debt -€12,794
down €12,794 (-37.7%), from €33,901 to €21,107
- Profit (loss) carried forward +€7,245
up €7,245 (+49.9%), from €14,533 to €21,777
- Other debts -€7,130
down €7,130 (-43.7%), from €16,331 to €9,202
- Depreciation -€742
down €742 (-2.4%), from €31,413 to €30,672
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €424,834 | €459,225 | +€34,392 | +8.1% |
| Fixed assets | 21/28 | €373,612 | €406,498 | +€32,886 | +8.8% |
| Tangible fixed assets | 22/27 | €373,612 | €406,498 | +€32,886 | +8.8% |
| Land and buildings | 22 | €373,533 | €403,234 | +€29,701 | +8.0% |
| Furniture and vehicles | 24 | €79 | €3,264 | +€3,184 | +4008.6% |
| Current assets | 29/58 | €51,221 | €52,727 | +€1,506 | +2.9% |
| Stocks and contracts in progress | 3 | €50,235 | €50,235 | = | 0.0% |
| Stocks | 30/36 | €50,235 | €50,235 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | €1,943 | +€1,943 | |
| Other amounts receivable | 41 | €0 | €1,943 | +€1,943 | |
| Cash at bank and in hand | 54/58 | €987 | €549 | -€437 | -44.3% |
| Total equity and liabilities | 10/49 | €424,834 | €459,225 | +€34,392 | +8.1% |
| Equity | 10/15 | €35,292 | €42,537 | +€7,245 | +20.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,168 | €2,168 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €308 | €308 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,533 | €21,777 | +€7,245 | +49.9% |
| Amounts payable | 17/49 | €389,541 | €416,688 | +€27,147 | +7.0% |
| Amounts payable after more than one year | 17 | €335,792 | €384,168 | +€48,376 | +14.4% |
| Financial debts | 170/4 | €335,792 | €384,168 | +€48,376 | +14.4% |
| Amounts payable within one year | 42/48 | €53,249 | €32,070 | -€21,179 | -39.8% |
| Current portion of amounts payable after more than one year | 42 | €33,901 | €21,107 | -€12,794 | -37.7% |
| Financial debts | 43 | €1,536 | - | -€1,536 | |
| Credit institutions | 430/8 | €1,536 | - | -€1,536 | |
| Trade debts | 44 | €1,481 | €1,761 | +€280 | +18.9% |
| Suppliers | 440/4 | €1,481 | €1,761 | +€280 | +18.9% |
| Other amounts payable | 47/48 | €16,331 | €9,202 | -€7,130 | -43.7% |
| Accrued charges and deferred income | 492/3 | €500 | €450 | -€50 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,413 | €30,672 | -€742 | -2.4% |
| Other operating charges | 640/8 | €8,209 | €8,094 | -€115 | -1.4% |
| Gross operating margin | 9900 | €63,646 | €63,822 | +€176 | +0.3% |
| Operating profit (loss) | 9901 | €24,023 | €25,057 | +€1,033 | +4.3% |
| Financial charges | 65/66B | €17,808 | €17,812 | +€4 | 0.0% |
| Recurring financial charges | 65 | €17,808 | €17,812 | +€4 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €6,216 | €7,245 | +€1,029 | +16.6% |
| Profit (loss) for the period | 9904 | €6,216 | €7,245 | +€1,029 | +16.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,216 | €7,245 | +€1,029 | +16.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.